STUDENT FINANCIAL SERVICES FREQUENTLY ASKED QUESTIONS FOR INCOMING STUDENTS

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1 STUDENT FINANCIAL SERVICES FREQUENTLY ASKED QUESTIONS FOR INCOMING STUDENTS FAFSA Q1. What is a FAFSA? Free Application for Federal Student Aid. It is required to be considered for federal student loan programs such as Direct (Stafford) and Graduate Plus. Q2. Do I have to fill out a FAFSA? Yes, the School of Medicine requires all students fill out a FAFSA even if they are not interested in federal loans. Select FAFSA data is used for School of Medicine scholarship purposes. Q3. Where do I go to complete the FAFSA? Q4. What is the school code for for the FAFSA? The code for is Q5. Do I have to provide my parents tax information on the FAFSA? No, you do not. There is a question on the FAFSA that you have to answer regarding entering a graduate medical program. This requires you to file as an independent on the FAFSA. (This actually will help you because independent students tend to qualify for better aid packages.) Q6. What happens once I complete the FAFSA? If you have properly listed, the FAFSA will be electronically transmitted to the school. You should also receive a SAR (Student Aid Report) from the FAFSA website just to review. Upon admissions to the School of Medicine, students will be required to provide their Social Security Number in the my portal on the personal data page and then your FAFSA will be matched to your student record. After that, an award letter will be generated showing what you qualify for. Q7. How often is the FAFSA required? Once a year. The FAFSA application season opens in October for the next academic year s application. The School of Medicine recommend students fill one out for the upcoming academic year no later than February before their next year of study. Q8. What if I need to make a change or correction to my FAFSA? Simply login to your account on the FAFSA and edit information as needed. 1

2 COST OF ATTENDANCE Q1. What does cost of attendance (COA) mean? The Cost of Attendance is comprised of all University tuition and fees, School of Medicine Fees, and then data-based expenditures for cost of living. The Cost of Attendance determines how much financial aid you can quality for. Students can not have aid packages that exceed the total Cost of Attendance. Aid packages are comprised of student loans, scholarship, or other benefits (i.e. Veteran, Grant-In Aid, etc.) Q2. What is the breakdown of COA? Tuition, Fees, Books/Supplies, Room/Rent/Housing Allowance, Natural Gas, Electricity, Water/Sewer, Home Internet Access, Food, Daily Travel for School, Parking Pass, Extra Travel for Clinicals and Service, Extra Travel Home for Non-Residents, Misc Personal Expenses, Housekeeping Products, Apparel/Clothing, Personal Care/Hygiene, Cell Phone, One-Time Computer Purchase, Federal Student Loan Origination Fee Q3. Why does COA vary from year to year? In some years of the program, various School of Medicine fees may not apply. In addition, credit hours change which effects any fee charged by the credit hour. Adjustments are made to consider career travel such as interviewing for residency match. Finally, cost of living data is assessed to see if city rates have increased. STUDENT LOANS Q1. What kind of loans are available? Medical students typically qualify for Department of Education Direct Stafford Loans and GradPLUS Loans. Direct Stafford Loans: The Department of Education offers unsubsidized Stafford loans for medical students that have better interest rates and loan terms than many private loans. The current rate is 6% (subject to change). The interest rate at the time of disbursement is the rate for the life of the loan. Students are not required to make payments while in school, but interest accrues on unsubsidized loans during that period. Unsubsidized Stafford loans for medical students are limited to $40,500 annually. GradPLUS Loans: Medical students may also take out GradPLUS loans, which are unsubsidized loans. The current rate is 7% (subject to change). GradPLUS loans are limited to the total Cost of Attendance as determined by the institution. 2

3 Students may also explore private lender loans but they typically carry a higher interest rate so this is not recommended if you qualify for federal aid. All loan types cannot exceed the cost of attendance each year. Q2. How much can I qualify for? Loans can only be granted up to the cost of attendance. Direct Stafford caps at $40,500 per academic year. GradPLUS is used to supplement any gap between Direct Stafford and the Cost of Attendance. The lifetime maximum for federal students loans for medical students is $224,000. Q3. What are the interest rates? Direct Stafford: Annually-fixed interest rate based on the 10-year U.S. Treasury note plus 1.55 percentage points higher than undergraduate loans. Currently 6% GradPLUS: Annually-fixed interest rate based on the 10-year Treasury note plus 2.55 percentage points higher than undergraduate loans. Currently 7% Q4. How do I obtain a loan? Students need to fill out the FAFSA to start the federal student loan process. Q5. How do I decide how much to borrow? After receiving your award letter in the my portal, you will need to assess your tuition/fees responsibility and then your living costs. Students can find budgeting tools on the AAMC FIRST website which provides free resources for managing the cost of your education. Visit: The award letter is for the academic year so keep in mind what you borrow will be cut in half with 50% disbursed in Fall and 50% disbursed in Spring. Students are also welcome to meet with the School of Medicine Director of Student Financial Services, Cindy Stella. Please cindy.stella@unlv.edu for an appointment. Q6. How do I accept a loan? In the my portal you will need to accept all the Direct Unsub aid you wish to receive for the entire academic year (with half being disbursed in Fall and half in Spring). You can enter a dollar amount if you wish to borrow less than you are awarded in Direct Unsub aid. You are not required to take the full award if you do not need it. If you want to accept Grad PLUS in addition to Direct Unsub, you will need to complete the MPN and the Entrance Counseling for that loan. Once those items are received by the University, it is assumed you accept the loan and Financial Aid will activate the loan for you. If you wish to decrease the amount from the maximum offered, contact Cindy Stella for an adjustment form. 3

4 Q7. What is a Master Promissory Note? A master promissory note is required to receive your loan and is a legal document in which you promise to repay your loan. There is an MPN for the Direct Unsub loan and one for the Grad PLUS. The MPN can be completed at any time. It is an online process that takes about 20 minutes to complete. It only has to be done once during your Med School career. Q8. How does disbursement work? Disbursement happens twice during the school year, once before Fall and once before Spring. Students receive half of their aid each time. Disbursement occurs about 10 days before the semester starts (per federal guidelines). Disbursement goes through the cashier s office and is applied to your student account. Any outstanding tuition and fees are paid first. If you borrowed more than your bill requires, the remaining money available will be issued to you in a refund. Q9. How do I get my refund? The refund process runs about once a week on campus and then checks are mailed out to students. To get your money faster, sign up for Direct Deposit in the my portal. Q10. What is Loan Entrance Counseling and is it required? Loan Entrance Counseling is required for all graduate students who are borrowing for the first time for graduate school and/or borrowing for the first time at a new institution. All incoming students who are taking loans must complete the Loan Entrance Counseling. There is Counseling for the Direct Unsub loan and one for the Grad PLUS. It is an online process that takes about 30 minutes to complete. It only has to be done once during your Med School career. The session must be done in one sitting. Loan Entrance Counseling can be done at any time in the process. To complete the online session go to: Q11. What if I need more loan money? If you take less than your award for the year, you can request the unused funds. If you borrow the maximum there will not be additional dollars available. Student with children may be eligible to file for a recalculation on the cost of attendance in order to obtain a bit more in aid for childcare/daycare expenses. A meeting with a main campus counselor and a series of documentation are required after counselor assessment. Q12. What if I want less in my second disbursement? If after your Fall disbursement you feel your Spring amount is not needed in full, you can request a deduction for Spring semester. Request the adjustment form from Cindy Stella in the School of Medicine. 4

5 Q12. What if I have undergraduate loans? Can I defer them? Students can receive in-school deferment while attending medical school for their undergraduate federal program loans. Students are advised to keep paying until they hear from their lender that the in-school deferment has been received., through the Registrar s Office, will report your enrollment through the National Data Clearinghouse. Private loan or Parent loan terms may vary for deferment. Check your lender s guidelines. While in school do not ignore any notifications or information from your undergraduate lender. Q13. What about repayment? After graduation (or withdrawal from the program) Direct Loans and GradPLUS have a grace period of 6 months before payment are due. Payments are initially calculated at a standardized rate over 10 years, but various repayment programs and options are available. More of this will be covered in your 4 th Year. SCHOLARSHIPS Q1. How does the charter class tuition scholarship work? The charter class scholarship covers the in-state annual tuition rate of $27,000. Scholarships are disbursed about a month before bills are due with half being applied to Fall and half being applied to Spring semester. Q2. Are there other scholarships available? Yes, the School of Medicine has a small pool of discretionary scholarships available. The Scholarship Committee meets several times and reviews the entire class for merit and need based awards. Students from the charter class are only required to have a FAFSA on file to be considered in Year 1. All other review materials and data come from the admissions application process. Students may also self-search for scholarships through various web platforms and apps such as Fastweb and Scholly. The Office of Student Financial Services will also share scholarship opportunities as we hear about them, and School of Medicine scholarship application processes will be shared for Years 2 thru 4. 5

6 BILLING, TUITION and FEES Q1. When do bills get generated and when are they due? Tuition bills get generated when students are registered. They are due several days before the semester starts. Q2. How do I pay my bill? Students who are receiving financial aid and borrowed enough to cover tuition and fees, will not need to make a payment. Your disbursement of your aid will pay your outstanding bill amount. Students who are paying by credit card can pay online through the my portal. Students who wish to pay in person at the cashier s office can go to the Student Services Complex, Building A, Room 131. Q3. What are all the fees on my bill? Billing includes in-state or out-of-state tuition/registration charges along with various fees. The University assesses fees along with the School of Medicine. Please see the Cost of Attendance and Fees listing handout for a list of all applicable campus and program fees and what they provide to students. Q4. How do I waive out of the health insurance? All students are enrolled in mandatory annual health insurance, however students who have the proper health insurance from another source can complete the insurance waiver process. This form and procedure is sent out from the Student Affairs office of the School of Medicine. STILL HAVE QUESTIONS CONTACT US!! CINDY STELLA DIRECTOR OF STUDENT FINANCIAL SERVICES SCHOOL OF MEDICINE cindy.stella@unlv.edu

7 Office of Student Financial Services COST OF ATTENDANCE CLASS of 2021 The estimated cost of attendance for the charter Class of 2021 is outlined below and is a tool for students to use in order to understand their financial responsibilities. This information is also used in the formula for students to obtain financial aid. Information regarding residency for tuition purposes and the detail and description of all fees can be found in the narrative portion of this document. Some fees and costs are subject to change. Resident Class of 2021 YEAR 1 YEAR 2 YEAR 3 YEAR 4 ENROLLMENT COSTS Tuition (Resident) $27,000 $27,000 $27,000 $27,000 Health Insurance Fees* $2,246 $2,246 $2,246 $2,246 Other Fees - Medical School $5,902 $5,746 $5,590 $3,450 Other Fees - * $1,273 $1,240 $1,262 $1,108 Total Enrollment $36,421 $36,232 $36,098 $33,804 STUDENT LIVING COSTS Personal Computer $1,000 $0 $0 $0 Personal Expenses* $3,852 $4,457 $5,737 $3,852 Room/Board $19,936 $19,936 $19,936 $19,936 Supplies $500 $500 $500 $500 Transportation* $3,558 $3,558 $4,558 $5,146 Total Living $28,846 $28,451 $30,731 $29,434 MISC COSTS Student Loan Origination Fees $1,278 $1,278 $1,278 $1,278 TOTAL COST OF ATTENDANCE $66,545 $65,961 $68,107 $64,516 *Some costs may be subject to change. Each member of the charter Class of 2021 will receive a scholarship in the amount of $27,000 per year to offset the cost of resident tuition. Additional fees, living expenditures, and misc. costs are the responsibility of the enrolled student. Scholarship eligibility and renewal is subject to student academic and conduct requirements and an annual FAFSA must be completed.

8 Non-Resident Class of 2021 YEAR 1 YEAR 2 YEAR 3 YEAR 4 ENROLLMENT COSTS Tuition (Non-Resident) $56,000 $56,000 $56,000 $56,000 Health Insurance Fees* $2,246 $2,246 $2,246 $2,246 Other Fees - Medical School $5,902 $5,746 $5,590 $3,450 Other Fees - * $1,273 $1,240 $1,262 $1,108 Total Enrollment $65,421 $65,232 $65,098 $62,804 STUDENT LIVING COSTS Personal Computer $1,000 $0 $0 $0 Personal Expenses* $3,852 $4,457 $5,737 $3,852 Room/Board $19,936 $19,936 $19,936 $19,936 Supplies $500 $500 $500 $500 Transportation* $3,558 $3,558 $4,558 $5,146 Total Living $28,846 $28,451 $30,731 $29,434 MISC COSTS Student Loan Origination Fees $1,278 $1,278 $1,278 $1,278 TOTAL COST OF ATTENDANCE $95,545 $94,961 $97,107 $93,516 *Some costs may be subject to change. Each member of the charter Class of 2021 will receive a scholarship in the amount of $27,000 per year to offset the cost of resident tuition. Additional non-resident tuition costs, fees, living expenditures, and misc. costs are the responsibility of the enrolled student. Scholarship eligibility and renewal is subject to student academic and conduct requirements and an annual FAFSA must be completed. A Note on Residency for tuition purposes: Residency for tuition purposes is defined by NSHE Board of Regents & policies. It is different than the residency requirement for admissions to the School of Medicine. For more information on tuition residency status and qualification visit

9 Fees Fee Amount Years Summary Additional Info Technology Graduate Professional Studies Rebel Recycling Student Abroad Student Life Facilities Counseling and Psychology Services Student Health (Center) Student Health Insurance (est.) $11/credit hour 1, 2, 3, 4 Supports technology infrastructure and systems on all campuses. $18/semester 1, 2, 3, 4 Supports the GPS Association. $1/semester 1, 2, 3, 4 On campus recycling. $2/semester 1, 2, 3, 4 Access to study abroad programming. $198/semester 1, 2, 3, 4 Access to the Student Recreation and Wellness Center. Rebel Card required for access. $25/semester 1, 2, 3, 4 Access to the student Counseling and Psychological Services center $90/semester 1, 2, 3, 4 Provides access to student health center facilities and programs, counseling services on campus and other preventive care services $2,246/year 1, 2, 3, 4 Covers more catastrophic Charged medical needs in Fall that are not each available year. through the student health center. This is a health insurance policy typically underwritten by Aetna. For more information see Dr. Parrish

10 School of Medicine Fees Fee Amount Years Summary SOM Simulation Lab $750/semester 1, 2, 3 This is an annual fee charged per student in Years 1, 2, and 3. Billed per semester. SOM Administrative $475/semester 1, 2, 3, 4 This is an annual fee charged to students for all 4 years. Billed per semester. Covers the cost for s Simulation Center and resources to learn and practice clinical skills, simulations, and surgical lab fees, as well as expenses associated with standard patient (SP) interactions (such as major medical equipment maintenance and support, and SP programs). Covers a comprehensive wellness program as well as including instruction in techniques that have been demonstrated to reduce physician burnout and stress. These evidence-based techniques cover a broad spectrum of wellness practices. Covers disability insurance for all students that is tailored to the circumstances related to medical professionals education and career track. SOM Lab Support $1,000/semester 1, 2, 3, 4 SOM USMLE Board Exam Prep SOM NBME This is an annual fee charged to students for all 4 years. Billed per semester. $156/semester 1, 2 $640 in fall semester only First 3 semesters of study. 1, 2, 3 This fee is charged in the fall semester for the first 3 years. SOM Student Research $250/semester 1, 2, 3, 4 This is an annual fee charged to students for all 4 years. Billed per semester. Covers access to Certiphi which tracks student compliance with immunization, background checks, drug screens, etc. as required for clinical rotations. Student receive access to a management portal for these documents as well. Covers student ipad program, virtual anatomy lab, learning common resources and other technological services provided to medical students in the medical instructional facilities such as the information commons computer lab and computer exam administration. This fee covers subscription to the U.S. Medical Licensing Examination (USMLE) Board preparation materials for the Step 1 and Step 2 Clinical Knowledge (CK) and Clinical Skills (CS) licensing exams. Covers the expense for the National Board of Medical Examiners (NBME) Customized Assessment Service s exams needed for student summative assessment in the curriculum. Covers the cost of lab equipment and supplies for research projects and all costs associated with data analysis in the students field work.